Star Ltd. forfeited 500 Equity shares of Rs. 100 each for non-payment of first call of Rs. 30 per share. The final call of Rs. 10 per share was not yet made. Out of these, 60% shares were reissued for Rs. 39,000 fully paid. Journalise the forfeitue and reissue of shares.

(Forfeiture of Partly Called-up Shares and their Reissue in Different Cases). Nav Lakshmi Ltd. forfeited 500 shares of Rs. 10 each for non-payment of first call of Rs. 3 per share. The final call of Rs. 2 per share is yet to be made. All the forfeited shares were reissued. Pass the necessary Journal entries in the following cases: Case I : If the shares are reissued for Rs. 5 per share. Case II: If the shares are reissued for Rs. 9 per share, Rs. 8 called-up. Case III: If the shares are reissued for Rs. 8 per share, fully paid-up. Case IV: If the shares are reissued for Rs. 12 per share, fully called-up.

Y Ltd. forfeited 100 equity shares of Rs. 10 each for non-payment of first call of Rs. 2 per share. The final call of Rs. 2 per share was yet to be made. Calculate the maximum amount of discount at which these shares can be reissued.

The Director of a company foreited 300 shares of Rs. 10 each issued at a premium of Rs. 3 per share, for the non-payment of the first call money of Rs. 2 per share. The final call of Rs. 2 per share has not been made. Half the forfeited shares were reissued at Rs. 1,500 as fully paid-up. Record the Journal entries for the forfeiture and reissue of shares.

X Ltd. forfeited 900 Equity Shares of Rs. 100 each for the non-payment of allotment money of Rs. 30 pe share and the first call of Rs. 20 per share. The second and final call of Rs. 25 per share had not been made. The forfeited shares were reissued for Rs. 90 per share, Rs. 75 paid-up. Journalise the above.

Pass journal entries for the forfeiture and re-issue in the following cases : (i) A Ltd. forfeited 400 shares of Anil of Rs. 10 each fully called up for non-payment of final call of Rs. 2 per share and re-issued to Sunil as fully paid for Rs. 10 share. (ii) B Ltd. forfeited 500 shares of Rs. 10 each fully called up for non-payment of first call of Rs. 2 per share and final call of Rs. 2 per share. All of these shares were re-issued as fully paid for Rs. 8 per share. (iii) C Ltd. forfeited 600 shares of Rs. 10 each fully called up for non-payment of allotment money of Rs. 3 per share, first call of Rs. 2 per share and final call of Rs. 2 per share. 400 of these shares were re-issued as fullly paid up at the maximum rate of discount allowed by law. (iv) D Ltd. forfeited 800 shares of Rs. 10 each fully called up, on which the holder has paid only the application money of Rs. 3 per share. Out of these, 500 shares were re-issued at Rs. 11 per share, fully paid up.

Pass journal entries for the forfeiture and re-issue in the following cases : (i) A Ltd. forfeited 100 shares of Rs. 10 each fully called-up foe non-payment of first call of Rs. 3 per share and final call of Rs. 3 per share. All of these shares were re-issued as fully paid for Rs. 10 per share. (ii) B Ltd. forfeited 400 shares of Rs. 10 each fully called-up for non-payment of final call of Rs. 3 per share. 300 of these shares were re-issued as fully paid for Rs. 8 per share. (iii) C Ltd. forfeited 700 shares of Rs. 10 each fully called-up on which the holder has paid application money @ Rs. 3 and allotment money @ Rs. 2 per share. Out of these, 300 shares were re-issued as fully paid @ Rs. 7 per share. (iv) D Ltd. forfeited 1,000 shares of Rs. 10 each fully called-up on which the holder has paid only the application money @ Rs. 3 per share. Out of these, 600 shares were re-issued at Rs. 10.50 per share, fully paid up.